Fashion chain Quiz issues another profit warning

Fashion chain Quiz has issued its third profit warning in five months after seeing a “significant shortfall” in sales. The firm, which has 250 UK stores and concessions, is having to sell off stock more cheaply than it expected.

Mr Ramzan said: “Whilst the board remains confident in the strength and appeal of the Quiz brand, as demonstrated by our continued sales growth online, this has been a highly disappointing trading period for the group”.

The warning comes at a time when a number of retailers are facing falling sales on the High Street.

Quiz said that while online revenue had increased by 16.2% in the trading period after Christmas, between 1 January and 28 February, revenue in stores had fallen 11.1%.

This meant revenue for the trading period was down 1.7% on the same time last year.

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